A Tunisian state-backed fund of funds has invested $4m into Rasmal Innovation Fund, a MENA-focused venture firm where one of the partners is a former employee of the fund’s management company.
ANAVA, which is itself backed by the World Bank, British International Investment (BII, formerly CDC), and Germany’s KfW, made the commitment to the Qatar-based fund to help channel more international investment into Tunisia’s startup ecosystem.
The deal highlights the close-knit nature of the North African tech scene. Soumaya Ben Beya Dridje, a Tunisian national and one of four partners at Rasmal Ventures, previously served as a Senior Startup Ecosystem Officer for Investment at Smart Capital — the Tunisian government-mandated firm that manages the ANAVA fund.
Qatar-backed ambitions
Rasmal Ventures was established in 2023 and launched its inaugural fund, Rasmal Innovation Fund I, in June 2024.
It gained significant traction by becoming the first fund selected for the Qatar Investment Authority’s (QIA) $1bn Fund of Funds programme, which was launched in early 2024 to spur the local VC landscape.
The fund is targeting a final close of $100m, having secured a first close of $30m from the QIA, corporates, and family offices. It plans to invest in seed to Series B stage startups across the MENA region, focusing on sectors including FinTech, B2B SaaS, HealthTech, and logistics.
The management team, alongside Dridje, includes partners Alexander Wiedmer, Dr Shaikha Al Jabir, and Angus Paterson.
A Tunisian foothold
ANAVA’s investment is a strategic move to ensure international funds with regional mandates actively consider Tunisian companies. In return for its commitment, ANAVA will expect Rasmal to scout for and deploy capital into startups from the country.
Rasmal has already shown an interest in the Tunisian market, announcing an investment in Aqua Development, a global water-tech company co-founded by Tunisian entrepreneur Othman Ben Abbes.
“The trust QIA and our other investors placed in us is a testament to our team’s capabilities and dedication,” said Alexander Wiedmer, Co-Managing Partner of Rasmal Ventures, in a previous statement regarding the QIA backing. “We will continue to grow our presence across the region and execute our highly selective investment strategy.”
For emerging ecosystems like Tunisia’s, attracting established, international VC funds is a critical step for growth. The government-backed “fund of funds” model is a well-worn path to achieving this: offer a significant cheque to an outside manager on the condition they invest a multiple of that amount back into local startups.
The connection through Rasmal’s partner, who previously worked for ANAVA’s manager, is common in smaller ecosystems where talent often moves between public-interest roles and the private sector. While it raises questions of proximity, it also provides the fund with deep, on-the-ground knowledge of the local market from day one. The ultimate test of this investment will be whether it translates into a meaningful flow of capital and global opportunities for Tunisian founders.